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International
reserves accumulation has been the policy
adopted by emerging economies to achieve
financial stability. In this paper, the
author estimates the cost of this strategy
implemented in Mexico since the 1994-95
peso crisis and an alternative criterion
called the maximum sustainable external
threshold is introduced, which considers
the vulnerability of the balance-of-payments
that emanates from both the capital account
and the current account. The author also
suggests a series of alternative strategies
aimed at reaching financial stability,
but also aimed at contributing in development-oriented
goals.
November 24, 2005. |
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